There are various ways to raise funds to meet up with your current financial needs. But in the coming new year you can get quick finance by taking car refinancing. New Year comes with new challenges, opportunities and financial needs. Be it to pay your current debts, to plan a wedding or emergency medical requirement; you can easily opt for a car refinance in 2019.
Car refinance basically means that you can avail a loan against the current on road value of your car. This is a secured type of loan. Many banks and NBFCs offer this loan easily. You can get a car refinancing in 2019 for multiple reason. We have listed some of them below
Short Term Loan
Car refinancing is a short term loan, perfect for those who want the loan for smaller period. As it’s given against the current on-road value of car, the amount itself is not bigger. The tenure is decided as per the eligibility and wishes of the loan borrower. Many banks and NBFCs offer customized tenure for car refinancing. In the year 2019 if you take a car refinancing loan, you may be able to pay it off before the year ends!
For Immediate Needs
Banks and NBFCs offer car refinancing quickly as it’s easy to process and approve. The loan gets sanctioned and disbursed as quick as in 72 hours*. Thus in 2019 you need funds immediately for any personal or professional reason, you can easily get the loan. By opting for this, you can fulfill your immediate needs by provide minimum documentation with easy eligibility criteria. Banks and NBFCs approve the loan amount as much as 60% to 70% of your car’s on road value.
Banks and NBFCs have minimum documentation expectations and easy eligibility criteria to approve this loan. As it’s getting popular day by day and helps people to build a strong credit score, this loan is easily approved by various financial institutions. So in 2019 you have an option to get funds in a hassle free way and get it approved easily.
Banks and NBFCs have a very specific and minimum list of documents required to avail a car refinancing loan. You just need to submit your KYC documents, income details and your car’s whole paper work. Banks and NBFCs evaluate your documents as per their policies and approve the loan quickly if you fulfill the criteria.
Lower Interest Rate
Banks and NBFCs offer exciting interest rate on car refinancing. The interest rate is determined as per bank’s policy, borrower’s credit score and the loan amount. The interest rates for car refinance starts from as low as 9.35%*. Many banks and NBFCs mostly offer floating interest rate to the borrowers.
So start planning to take a car refinance loan in 2019 today! Click here to check your eligibility.